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Could an XRP ETF Be Next? Bitwise Files Application
Last Updated: October 02, 2024
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Key Takeaways
- Bitwise has filed for an XRP ETF with Delaware authorities;
- While this marks an important step in the process, filing with the SEC could still take months;
- An XRP ETF could make XRP more accessible to institutional investors, increasing liquidity and adoption.
Bitwise, the world's largest crypto index fund manager, is working towards launching an XRP exchange-traded fund (ETF) by submitting a filing with Delaware's Division of Corporations.
The filing, made on September 30, lists CSC Delaware Trust Company in Wilmington as the registered agent.
While this filing is an important step, it marks just the start of the process, with a formal Securities and Exchange Commission (SEC) application likely still months away.
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If the XRP ETF is approved, it could make it easier for institutional investors to invest in XRP through a traditional, regulated platform, potentially increasing XRP's liquidity and adoption in the market.
After Bitcoin and Ether ETFs gained approval earlier this year, asset managers seem to continue pushing forward; in June, VanEck applied for the first-ever Solana ETF in the US.
Bitwise's filing follows Ripple's legal issues with the SEC. The regulator sued Ripple in 2020, claiming XRP was sold as an unregistered security. However, a court ruling in July 2023 concluded that XRP traded on crypto exchanges was not a security, though institutional sales might still be classified as such.
In August this year, Ripple was ordered to pay a $125 million fine for transactions that violated US securities laws. CEO Brad Garlinghouse called the decision a "victory for Ripple, the industry, and the rule of law," pointing out that the court reduced the SEC's proposed penalty by around 94%.
Overall, Bitwise's filing could mark the start of a new era for XRP in the regulated investment sphere.
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